A severely rundown terrace house in the heart of Paddington has emerged on the market, following 15 years of vacancy. The property, located at 40 Liverpool Street, is listed at $2 million despite its deplorable condition. Hazard tape surrounds the building, and the interior reveals rooms with crumbling plaster, remnants of old plates, and other disarrayed remnants of the past.
Georgia Cleary, an agent with McGrath, has worked in the Paddington area for 35 years and described the home as one of the most dilapidated she has ever seen. She compared it to another property in the area that had previously shocked the market due to its condition, deeming the Liverpool Street home in even worse shape. “I thought the Cecil Street property was in bad shape, but this one takes the cake,” said Cleary.
The terrace, which has been vacant since its owner’s passing in 2009, still contains remnants of the previous tenants’ lives, including an old copper tub in the laundry and a corner piled with taped-off plates and cutlery, potentially hazardous. “At the end of the day, it needs a complete overhaul,” Cleary remarked.
The property, sold as a deceased estate, is situated on a 101 sqm block, offering three bedrooms and one bathroom, but in its current form, it is far from habitable. The estimated cost for a full renovation is between $700,000 and $1.5 million, depending on the scope of work required.
Despite the extensive repairs needed, Cleary noted that interest in the property has been significant, particularly from builders looking for projects to restore the terrace to its former glory. “There aren’t many original terraces left in Paddington, and I usually see one or two like this per year,” she explained. Recent sales in the area for renovated properties have seen prices between $3.5 million and $4.25 million, suggesting the potential for a profitable transformation.
Cleary added that the property’s current state serves as a stark reminder of how much Paddington has changed over the past few decades. “It’s amazing how surprised people are to see a house like this—it reminds them that Paddington wasn’t always as gentrified as it is now.”
While the house may not be livable in its present state, it presents a unique opportunity for those willing to take on a major restoration project in one of Sydney’s most sought-after suburbs.
Related Topics:
Unlocking Real Estate Potential Through Feng Shui
Data Centers, Liquidity, and the Future of Real Estate Ownership
Vietnam Government Moves Towards Digital Real Estate Trading
